Mandiri - Investor Relations - Corporate Presentations
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0
PT Bank Mandiri (Persero) Tbk
(2)
101
Jan 1
2005
IPO
U
from:
+16.24%
+121.59%
JCI
-14.81%
+142.96%
BMRI
Shareholding Information
100.00%
20,255,717,364
21,980
TOTAL
26.4%
5,344,276,683
370
Total
26.4%
5,339,754,683
310
2. Institutional
0.0%
4,522,000
60
1. Retail
INTERNATIONAL
73.6%
14,911,440,681
21,610
Total
0.5%
92,581,000
34
7. Mutual Funds
0.8%
165,518,817
156
6. Institutional
0.5%
99,252,500
31
5. Assurance/Banks
0.3%
65,561,000
107
4. Pension Funds
0.7%
132,814,864
12,559
3. Employees
1.8%
355,712,500
8,722
2. Retail
69.1%
14,000,000,000
1
1. Government
DOMESTIC
%
Shares
Investors
Shareholders as of 31 December 2005
Description
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
11
-J
u
l-0
3
1-S
e
p-0
3
21
-O
c
t-0
3
16
-D
ec
-0
3
12
-F
eb
-04
6-A
p
r-04
2
8
-M
a
y
-0
4
20
-J
u
l-0
4
8-S
e
p-0
4
29
-O
c
t-0
4
27
-D
ec
-0
4
18
-F
eb
-05
12
-A
pr
-0
5
3-J
un
-05
22
-J
u
l-0
5
13
-S
ep
-0
5
1-N
o
v
-0
5
28
-D
ec
-0
5
BMRI
JCI
(3)
1
Bank Mandiri Presentation Contents
Results Overview
Page #
Q4 2005 Summary Financials
3 - 4
Quarterly Asset Mix & Interest Source
5
Quarterly Loan Growth & LDR
6
Consumer Loan Portfolio Details
7
Recap Bond Portfolio Summary & Movement
8
Quarterly Funding Mix
9
Quarterly Savings Deposits & Funding Rates
10
Quarterly Net Interest Margins and Spread 11 - 12
Quarterly Non-Interest Operating Income
13
Quarterly Overhead Expenses & Detail 14
Quarterly NPL & Cat. 2 Loan Movement 16 - 17
Quarterly Asset Quality
18
Provisioning & Collateral
19
Quarterly Analysis of NPL Downgrades
20
Core Earnings Analysis & Profitability
22
Quarterly Capital Structure
23
Additional Factors
24
Corporate Actions
25
Economy, NPLs & Operating Highlights
Macro-economic Highlights
27 - 29
NPL Growth & Top Debtor Developments 30 - 31
NPL Resolution Issues & Plans
32 - 35
Operating Highlights
36 - 39
Results Overview
Page #
Q4 2005 Summary Financials
3 - 4
Quarterly Asset Mix & Interest Source
5
Quarterly Loan Growth & LDR
6
Consumer Loan Portfolio Details
7
Recap Bond Portfolio Summary & Movement
8
Quarterly Funding Mix
9
Quarterly Savings Deposits & Funding Rates
10
Quarterly Net Interest Margins and Spread 11 - 12
Quarterly Non-Interest Operating Income
13
Quarterly Overhead Expenses & Detail 14
Quarterly NPL & Cat. 2 Loan Movement 16 - 17
Quarterly Asset Quality
18
Provisioning & Collateral
19
Quarterly Analysis of NPL Downgrades
20
Core Earnings Analysis & Profitability
22
Quarterly Capital Structure
23
Additional Factors
24
Corporate Actions
25
Economy, NPLs & Operating Highlights
Macro-economic Highlights
27 - 29
NPL Growth & Top Debtor Developments 30 - 31
NPL Resolution Issues & Plans
32 - 35
Operating Highlights
36 - 39
Financial Summary
Page #
Summary Balance Sheets & P&L
41 -43
Recap Bond Portfolio Detail
44
Bank Mandiri Credit Ratings
45
Reconciliation to IFRS (FY 2005)
46
Bank Mandiri Strategic Roadmap
48 – 51
Loan Movement & Portfolio Detail
BI Regulation PBI no. 7/2/PBI/2005
53
Interest, Provisioning & Collateral
54
Detailed NPL Analysis & Write-Offs
55 - 60
Performing Loan Analysis
61 - 64
Restructured & IBRA Loan Analysis
65 - 67
Loan Portfolio Detail Analysis
68 - 72
Additional Information
Consumer Banking Details
73 - 75
Summary of Principal Subsidiaries
76
Bank Syariah Mandiri Details
77 - 78
Mandiri Sekuritas Details
79
Bank Mandiri at a Glance
Structure, Management & Network
81 - 82
Q3 2005 Peer Comparisons
83 – 86
Q4 2005 Audited Financial Statements
87 - 100
Financial Summary
Page #
Summary Balance Sheets & P&L
41 -43
Recap Bond Portfolio Detail
44
Bank Mandiri Credit Ratings
45
Reconciliation to IFRS (FY 2005)
46
Bank Mandiri Strategic Roadmap
48 – 51
Loan Movement & Portfolio Detail
BI Regulation PBI no. 7/2/PBI/2005
53
Interest, Provisioning & Collateral
54
Detailed NPL Analysis & Write-Offs
55 - 60
Performing Loan Analysis
61 - 64
Restructured & IBRA Loan Analysis
65 - 67
Loan Portfolio Detail Analysis
68 - 72
Additional Information
Consumer Banking Details
73 - 75
Summary of Principal Subsidiaries
76
Bank Syariah Mandiri Details
77 - 78
Mandiri Sekuritas Details
79
Bank Mandiri at a Glance
Structure, Management & Network
81 - 82
Q3 2005 Peer Comparisons
83 – 86
(4)
2
Bank Mandiri Operating Highlights
Bank Mandiri Operating Highlights
Q4 2005
(5)
3
23.7%
23.7%
25.3%
Total CAR
(2)
1,233
262
24.5%
18.6%
128.8%
7.1%
53.7%
4.4%
45.2%
22.8%
3.1%
24,935
175,838
248,156
93,081
94,403
FY 2004
(6.7)
(88.5)
(6.9)
17.3
6.1
(1.1)
13.2
YoY Change
(%)
1,150
30
23.2%
18.0%
44.4%
25.3%
51.8%
4.0%
56.6%
2.5%
0.5%
23,215
206,289
263,383
92,056
106,853
FY 2005
23,563
Total Equity
57.2%
LDR
23.0%
Total CAR
incl. Market Risk
18.0%
Tier 1 CAR
(2)
47.7%
Provisions / NPLs
48.2%
Cost to Income
(1)
10.5%
RoE – after tax (p.a.)
1.6%
RoA - before tax (p.a.)
1,163
Book Value/Share (Rp)
61
EPS (Rp)
23.4%
Gross NPL / Total Loans
3.8%
NIM (quarterly)
186,448
Customer Deposits
250,341
Total Assets
92,267
Government Bonds
106,683
Gross Loans
9-Mo. 2005
IDR billion / %
Key Quarterly Balance Sheet Items & Financial Ratios
(1) (G&A and employee expenses) / (Net Interest Income + Other Operating Income), excluding bond gains
(2) Bank only – Not including Market Risk
(6)
4
Summary P&L Information – Full 2005 vs. Full 2004
(79.1)
0.1
367
0.9
1,651
Gain from Increase in Value & Sale of
Bonds
1,025.0
0.0
45
0.0
4
Non Operating Income
(6.8)
(0.2)
(601)
(0.4)
(645)
Other Operating Expenses**
(83.6)
0.5
1,233
4.2
7,525
Net Income Before Tax
3.1
(1.2)
(3,080)
(1.7)
(2,989)
G & A Expenses
32.7
(1.2)
(3,187)
(1.3)
(2,402)
Personnel Expenses
14,016.7
(1.3)
(3,388)
0.0
(24)
Provisions, Net
(88.5)
0.2
604
2.9
5,256
Net Income After Tax
(84.2)
0.5
1,188
4.2
7,521
Profit from Operations
(5.8)
0.9
2,323
1.4
2,464
Other Operating Income
(7.5)
3.4
8,754
5.3
9,466
Net Interest Income
24.4
(4.7)
(12,044)
(5.4)
(9,679)
Interest Expense
8.6
8.2
20,798
10.7
19,145
Interest Income
(%)
% of
Av.Assets
Rp (Billions)
% of
Av.Assets*
Rp (Billions)
YoY Change
FY 2005
FY 2004
* % of Average Assets on an annualized basis
(7)
5
164.0
172.6
182.9
176.9
173.9
170.3
153.8
153.5
44.6
41.2
43.0
44.5
49.2
42.5
48.3
48.3
50.4
57.0
65.4
60.5
57.3
44.6
39.0
36.1
38.6
54.0
47.1
50.6
55.4
50.2
54.6
60.7
56.6
60.2
51.4
64.5
92.1
92.3
92.5
93.2
93.1
153.8
153.9
155.5
148.8
152.7
94.0
102.3
107.3
122.9
131.4
137.0
106.9
106.7
104.0
99.6
94.4
42.3
72.6
66.8
68.7
75.9
76.7
82.3
87.0
40.3
30.4
46.6
33.4
18.3
23.2
25.7
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
Q1 '00
Q2 '00
Q3 '00
Q4 '00
Q1 '01
Q2 '01
Q3 '01
Q4 '01
Q1 '02
Q2 '02
Q3 '02
Q4 '02
Q1 '03
Q2 '03
Q3 '03
Q4 '03
Q1 '04
Q2 '04
Q3 '04
Q4 '04
Q1 '05
Q2 '05
Q3 '05
Q4 '05
G
o
vernm
ent
B
o
nds
Loans
O
ther A
sset
s
46.
2%
40.
9%
38.
2%
41.
4%
40.
7%
45.
6%
47.
4%
60.
6%
74.
1%
68.
2
%
67.
8%
63.
6%
75.
4%
74.
7%
74.
9%
50.
0%
48.
0%
50.
6%
50.
5%
42.
3%
34.
1%
29.
9%
22.
1%
19.
3
%
19.
0%
18.
1%
19.
0%
19.
8%
In
t. fro
m
B
o
n
d
s
In
t.
f
rom
Loan
s
As a % of Total Interest Income
Total assets grew by 6.1% Y-o-Y –
C
onsolidated
(8)
6
44.
6
41.
2
42.
3
43.
0
44.
5
49.
2
42.
5
48.
3
48.
3
50.
4
58.
7
65.
4
68.
7
66.
8
72.
6
75.
9
76.
7
82.
3
87.
0
94.
4
99.
6
106.
7
106.
9
104.
0
27.5%
36.1%
51.8%
26.3%
25.3%
28.3%
26.5%
35.4%
56.8%
53.7%
42.5%
47.9%
Q
1 '
00
Q
3 '
00
Q1
'
0
1
Q3
'
0
1
Q1
'
0
2
Q
3 '
02
Q
1 '
03
Q3
'
0
3
Q1
'
0
4
Q3
'
0
4
Q1
'
0
5
Q3
'
0
5
Loans (Rp tn)
LDR (%)
22.9 22.6
25.6
31.4
33.0 33.3
37.7
40.4
42.4
44.1
1.4 1.6
3.1 3.7
5.1 6.5
8.5 9.5
10.8
11.5
45.1
42.3
38.9
40.6
42.7
41.8
38.2
39.5
41.5
42.9 44.0
44.7
40.2
30.1
43.7
22.2
4.2
11.3
1.5
Q4
'
0
2
Q1
'
0
3
Q2
'
0
3
Q3
'
0
3
Q4
'
0
3
Q1
'
0
4
Q2
'
0
4
Q3
'
0
4
Q4
'
0
4
Q1
'
0
5
Q2
'
0
5
Q3
'
0
5
Q4
'
0
5
Loan growth was restrained across all segments
Quarterly Loan Data – Consolidated
11.5%
36.6%
11.55
Consumer
100%
13.3%
100.33
Total
43.9%
16.7%
44.05
Commercial
44.6%
5.6%
44.73
Corporate
% of
Portfolio
Loans
(Rp tn)
By Segment
(Bank only)
Y-O-Y
Growth (%)
Quarterly Loan Segment Details – Bank Only
Corporate
Commercial
Consumer
As of December 2005; Non-consolidated numbers
* Note: Includes IBRA loan purchases of Rp 5 tr
0.2%
13.2%
QoQ Growth (%)
YoY Growth (%)
(9)
7
283 411 655
199 328
540
1,
80
2
1,
86
0
1,
90
2
1,
91
2
1,
91
8
1,
93
2
1,
93
8
1,
93
0
823
815
786
934
428
494
594
479
510
816
727
653
688 888
3,
05
0
2,
88
5
2,
591
1,
99
6
1,
011
1,
52
2
152
4,
131
4,
21
7
4,
22
3
3,
56
7
2,
85
2
1,
05
8
1,
93
9
1,
921
1,
49
3
1,
36
7
1,
35
4
1,
25
7
1,
20
6
1,
27
0
1,
13
6
0
2,000
4,000
6,000
8,000
10,000
12,000
Q3
'0
3
Q4
'0
3
Q1
'0
4
Q2
'0
4
Q3
'0
4
Q4
'0
4
Q1
'0
5
Q2
'0
5
Q3
'0
5
Q4
'0
5
Other
Cash Collateral Loans
Credit Cards
Payroll Loans
Home Equity Loans
Mortgages
Consumer lending growth slows on tighter credit criteria
29.04%
8.80%
Cash Collateral Loans
1.02%
7.65%
Credit Cards
-0.41%
0.50%
Payroll Loans
-2.04%
44.84%
Home Equity Loans
5.72%
100.44%
Mortgages
Growth (%)
Q-o-Q
Y-o-Y
36.59%
148.08%
6.85%
Other
Total Consumer
Loan Type
2.63%
*Auto & Motorcycle Loans channeled or executed through finance
companies = Rp 3.48 tn in our Commercial Loan Portfolio
(10)
8
Sales of Rp2.54 trillion from the Recap Bond Portfolio in 2005
Portfolio Sales as of December 2005 (Rp bn)
92.1
61.1
28.8
2.1
Total
-88.2
3.8
Total
66.4%
31.3%
2.3%
% of Total
-Hedge Bonds
95.9%
59.7
26.9
1.6
Variable Rate
4.1%
1.4
1.9
0.6
Fixed Rate
% of Total
HTM
(Nominal Value)
AFS
(Mark to Market
#
)
Trading
(Mark to Market*)
At Fair Value, Dec
2005
(Rp tn)
177.
4
176.
9
153.5
148.8
123.0
93.1
93.2
92.5
92.3
92.1
4.0
1.6
0.2
32.3
0.7
0.1
1.0
15.8
24.5
0
40
80
120
160
200
1999 2000 2001 2002 2003 2004 Q1
'05
Q2
'05
Q3
'05
Q4
'05
0
5
10
15
20
25
30
35
Recap Bonds
Bond Sales
Bond Portfolio Movement (Fair Value), 1999 – Q4 ‘05
Ru
pia
h
(Trillio
ns)
(60)
(7)
171
Q4 ‘05
(66)
257
2,544
2005
66
1,365
32,334
2004
1,868
Realized
Profit
Unrealized
Profit
Bonds
Sold
IDR bn
(52)
24,505
2003
* Mark to Market impacts Profit
# Mark to Market impacts Equity
(11)
9
15.
3
16.
6
16.
6
18.
0
17.
6
19.
7
19.
8
22.
1
22.
3
24.
4
25.
1
29.
6
28.
9
31.
9
33.
4
40.
6
40.
5
42.
3
44.
6
52.
0
49.
5
47.
8
44.
2
45.
2
14.
3
19.
5
23.
4
31.
1
29.
6
29.
7
29.
2
31.
2
27.
7
27.
2
26.
1
24.
8
24.
8
27.
9
30.
1
28.
8
30.
8
30.
7
30.
9
28.
0
27.
5
30.
8
28.
3
30.
1
97.
2
92.
9
90.
3
87.
8
100.
9
91.
5
106.
9
107.
7
106.
1
104.
1
100.
7
105.
1
96.
7
66.
5
65.
0
72.
3
79.
8
93.
2
17.3 19.1
19.9
21.5
23.6
25.9 21.3
23.4 21.5 17.8 20.6 20.6 19.4 18.6
18.0 17.3
16.5 13.8 12.5
11.6
11.1
13.3 16.3
15.7
14.9
11.6
12.3
11.9
11.9
10.2
10.7
9.1
12.1 11.5
94.
0
85.
9
80.
5
70.
3
68.
4
63.
4
0
20
40
60
80
100
120
140
160
180
200
Q
1
'
00
Q
2
'
00
Q3
'
0
0
Q4
'
0
0
Q1
'
0
1
Q
2
'
01
Q3
'
0
1
Q4
'
0
1
Q1
'
0
2
Q2
'
0
2
Q3
'
0
2
Q4
'
0
2
Q1
'
0
3
Q2
'
0
3
Q3
'
0
3
Q4
'
0
3
Q1
'
0
4
Q2
'
0
4
Q3
'
0
4
Q4
'
0
4
Q1
'
0
5
Q2
'
0
5
Q3
'
0
5
Q4
'
0
5
Rp Savings Deposits
Rp Demand Deposits
FX Demand Deposits
Rp Time Deposits
FX Time Deposits
Funding growth of 17.1% in 2005 driven by Rp Time Deposits
Deposit Analysis – Bank Only
Deposits by Type (Rp tn)
68.6%
54.1%
45.3%
66.5%
68.3%
62.6%
48.7%
44.6%
46.4%
53.7%
51.7%
57.3%
56.2%
61.5%
47.8%
51.5%
50.9%
26.8%
44.5%
37.0%
33.8%
32.1%
31.4%
32.1%
32.9%
22.6%
Retail Deposits (%)
Low-Cost Deposits (%)
As a
%
(12)
10
Savings deposit volume begins to recover
15.
3
16.
6
16.
6
18.
0
17.
6
19.
7
19.
8
22.
1
22.
3
24.
4
25.
1
29.
6
28.
9
31.
9
33.
4
40.
5
40.
5
42.
3
44.
6
52.
0
49.
5
47.
8
44.
2
45.
2
22.7%
27.1%
30.6%
10.3%
16.2%
11.7%
11.0%
22.8%
16.0%
16.8%
17.4%
16.9%
13.5%
11.5%
11.2%
15.2%
Q1
'0
0
Q3
'0
0
Q1
'0
1
Q3
'0
1
Q1
'0
2
Q3
'0
2
Q1
'0
3
Q3
'0
3
Q1
'0
4
Q3
'0
4
Q1
'0
5
Q3
'0
5
Savings Deposits (Rp tn)
As % of Total Deposits
National Share of Savings Deposits (%)
3.7%
6.1%
3.7%
3.4% 3.5%
6.0%
4.3%
4.8%
9.5%
6.9%
5.3%
10.6%
11.4%
6.8%
8.4%
13.9%
6.4%
17.1%
11.9%
7.8%
13.1%
8.5%
7.4%
17.0%
Rp DD
Rp Savings
Rp TD
1 Mo. SBIs
Savings Deposit Growth
Average Quarterly Deposit Costs (%)
SBI
TD
SD
DD
2.7%
2.4%
0.8%
0.5%
1.4%
4.4%
2.6%
1.7%
1.1%
1.9%
2.1%
4.0%
Q1
'0
2
Q2
'0
2
Q3
'0
2
Q4
'0
2
Q1
'0
3
Q2
'0
3
Q3
'0
3
Q4
'0
3
Q1
'0
4
Q2
'0
4
Q3
'0
4
Q4
'0
4
Q1
'0
5
Q2
'0
5
Q3
'0
5
Q4
'0
5
FX DD
FX TD
FX TD
(13)
11
Margins contracted as funding needs rapidly drove up costs
All figures - Bank Only
2.
6%
2.
5%
3.
0%
2.
4%
2.
5%
3.
0%
3.
0%
3.
9%
2.
9%
2.
9%
3.
4%
2.
8%
3.
0%
3.
3%
3.
3%
3.
7%
4.
7%
4.
5%
4.
0%
4.
3%
4.
3%
3.
6%
3.
8%
3.
6%
0.
8%
0.
8%
1.
8%
2.
2%
1.
1%
1.
5%
1.
7%
2.
2%
2.
1%
2.
0%
2.
5%
2.
2%
2.
2%
2.
5%
3.
2%
3.
2%
4.
2%
4.
2%
3.
8%
4.
1%
4.
1%
3.
4%
3.
7%
3.
4%
Q1
'0
0
Q2
'0
0
Q3
'0
0
Q4
'0
0
Q1
'0
1
Q2
'0
1
Q3
'0
1
Q4
'0
1
Q1
'0
2
Q2
'0
2
Q3
'0
2
Q4
'0
2
Q1
'0
3
Q2
'0
3
Q3
'0
3
Q4
'0
3
Q1
'0
4
Q2
'0
4
Q3
'0
4
Q4
'0
4
Q1
'0
5
Q2
'0
5
Q3
'0
5
Q4
'0
5
Spread
NIM
11.3%
10.9%
11.9%
13.0%
12.3%
12.6%12.8%
13.0%
13.9%
13.6%13.5%
13.0%
11.8%
11.5%
10.4%
9.5% 9.3%
8.8%
8.7%
8.2%
9.4%
10.7%
10.5%
10.1%10.1%
10.8%
11.2%11.1%11.1%
10.8%
11.8%11.6%
11.0%10.8%
9.6%
9.1%
7.2%
6.3%
5.7%
8.9%
8.4%
7.3%
4.8%
4.6%
4.8%
4.6%
4.6%
5.1%
Yield on Assets
(14)
12
Quarterly Margin Analysis by Currency
Quarterly Rupiah Margins
Quarterly Foreign Currency Margins
1.
4
%
1.
2
%
1.
6
%
2.
4
%
2.
5
%
2.
4
%
2.
1
%
2.
5
%
3.
9
%
4.
0
%
3.
5
%
4.
1
%
3.
6
%
3.
0
%
2.
5
%
1.
9
%
3.
7
%
4.
1
%
2.
1
%
2.
6
%
2.
4
%
3.
5
%
4.
5
%
1.
4
%
15.9%
14.1%
18.3%
18.9%
11.9%
13.3%
10.2%
8.2%
10.2%
14.0%
17.6%
12.5%
11.9%
7.4%
8.5%
13.1%
17.6%
14.0%
5.4%
7.3%
11.7%
14.4%
11.1%
7.7%
Q1
'0
0
Q3
'0
0
Q1
'0
1
Q3
'0
1
Q1
'0
2
Q3
'0
2
Q1
'0
3
Q3
'0
3
Q1
'0
4
Q3
'0
4
Q1
'0
5
Q3
'0
5
Avg Spread
Avg Loan Yield
Avg Bond Yield
Avg 1-Mo. SBI
Avg COF
0.
5
%
1.
6
%
0.
4
%
-0
.5
%
0.
8
%
1.
0
%
1.
6
%
2.
9
%
3.
4
%
2.
5
%
1.
3
%
0.
1
%
-0
.2
%
0.
8
%
2.
2
%
1.
4
%
0.
6
%
0.
2
%
-2
.9
%
3.
0
%
2.
9
%
3.
0
%
1.
4
%
3.
1
%
5.8%
7.3%
6.5%
11.8%
5.7%
5.6%
7.6%
3.5%
4.4%
5.6%
Q1
'0
0
Q3
'0
0
Q1
'0
1
Q3
'0
1
Q1
'0
2
Q3
'0
2
Q1
'0
3
Q3
'0
3
Q1
'0
4
Q3
'0
4
Q1
'0
5
Q3
'0
5
Avg Spread
Avg Loan Yield
Avg Bond Yield
Avg USD 1Mo SIBOR
Avg COF
(15)
13
Details of Q4 2004 & 2005
107.4
145.6
141.3
136.7
134.1
163.6
60.6
38.5
88.3
109.1
81.4
65.5
102.3
91.2
32.8
17.0
34.6
13.7
70.3
41.2
4.3
19.8
56.7
62.1
92.3
61.3
48.8
75.4
65.2
113.5
20.3
23.2
25.4
25.1
26.1
32.4
38.0
38.6
6.5
55.4
22.7
21.8
17.8
28.7
20.9
20.4
112.5
127.5
Q1
'0
4
Q2
'0
4
Q3
'0
4
Q4
'0
4
Q1
'0
5
Q2
'0
5
Q3
'0
5
Q4
'0
5
Credit Cards
Transfer, Collection, Clearing & Bank Reference
Opening L/C & Bank Guarantees
Fee from Subsidiaries
Others
Administration Fee for Deposit & Loan
7.3%
9.6%
11.5%
12.4% 12.8% 12.8% 12.1%
17.7%
% of Operating Income*
Non-loan Related Fees & Commissions rebound
Non-loan related fees & commissions
*Non-Loan related fees & commissions/Total Operating Income
*Others include Custodian & Trustee fees,
Syndication, Mutual Funds, Payment Points, etc.
18.8
446.98
376.40
Total
(6.4)
20.35
21.75
Credit Cards
53.8
38.55
25.06
Transfers,
Collections..
85.3
113.52
61.27
L/C &
Guarantees
(44.3)
19.77
13.7
Subsidiaries
(16.3)
91.24
109.05
Others*
12.4
163.55
145.56
Administration
Fees
Y-o-Y
U
(%)
Q4
2005
Q4
2004
Non-Loan
Related Fees &
Commissions
(16)
14
379
276
359
336
314
428
270
753
365
500
472
775
388
460
618
749
521
670
763
1,
034
678
793
767
842
370
325
299
298
406
322
389
475
408
495
419
377
527
555
597
723
604
677
667
1,
241
211
327
649
957
Q1
'0
0
Q3
'0
0
Q1
'0
1
Q3
'0
1
Q1
'0
2
Q3
'0
2
Q1
'0
3
Q3
'0
3
Q1
'0
4
Q3
'0
4
Q1
'0
5
Q3
'0
5
G&A Expenses (Rp bn)
Personnel Expenses (Rp bn)
Cost to Income Ratio rocketed on one-offs in Q4
83.3%
33.7%
43.7%
38.9%
36.9%
33.8%
37.1%
57.6%
45.4%
31.1%
39.9%
42.8%
40.4%
52.3%
CIR* (%)
Annual Avg CIR (%)
CIR Excl. 1-Offs
*Excluding Bond gains
10.3%
260,771
236,395
Base Salary
36.4%
463,916
340,163
Other Allowances
(18.6%)
841,955
1,034,154
Total G & A Expenses
(1.1%)
52,834
53,403
Employee Related
(60.8%)
52,950
134,974
Professional Services
(12.0%)
72,804
82,708
Transportation & Traveling
31.7%
90,117
68,402
Subsidiaries
194,965
222,840
276,862
722,850
51,790
52,244
42,258
Q4‘04
(27.9%)
140,562
Promotion & Sponsorship
(14.6%)
190,327
IT & Telecommunication
G & A Expenses
71.7%
1,240,925
Total Personnel Expenses
(52.9%)
24,396
Training
868.7%
409,354
Post Employment Benefits
Personnel Expenses
Change
(Y-o-Y)
Q4 ‘05
(12.5%)
242,361
Occupancy Related
82,488 57.9%
Subsidiaries
Breakdown of Q4 2004 & 2005 Operating Expenses
Quarterly Operating Expenses & CIR
(17)
15
Bank Mandiri Loan Portfolio Analysis
Bank Mandiri Loan Portfolio Analysis
Q4 2005
(18)
16
901
3,069
4,286
196
75,496
73,574
Beg.
Balance
U/G from
NPL
D/G to
NPL
Net
Disburse.
FX
Impact
End
Balance
Q4 2005 Loan Movement, Performing & Non-Performing Loans
Performing Loan Movements - Bank Only
IDR bn
Non-Performing Loan Movements – Bank Only
26,752
196
24,585
4,286
566
484
1,383
622
Beg.
Balance
U/G to PL D/G from
PL
Disburse.CollectionsWrite-Offs FX Impact
End
Balance
(19)
17
Q4 2005 Movement in Category 1 and 2 Loans
59,073
544
3,907
63
746
1,920
3,011
60,662
Beg. Bal. D/ G t o 2
U/ G f rom
2
D/ G t o
NPL
U/ G f rom
NPL
Net
Disburse.
FX Impact End Bal.
Category 1 Loan Movements (Rp bn) – Bank Only
Category 2 Loan Movements (Rp bn) – Bank Only
357
838
134
3,541
1,920
3,011
16,423
12,912
Beg. Bal.
Cat. 1 D/G
U/G to 1
D/G to NPL
NPL U/G
Net
Disburse.
(20)
18
NPL Movement
-C
onsolidated
55.4%
50.2%
9.5%
14.1%
12.5%
9.4%
9.1%
9.0%
7.1%
17.8%
24.6%
23.4%
25.3%
7.3%
7.3%
6.6%
7.2%
8.2%
19.8%
9.7%
7.3%
8.6%
8.4%
62.2%
15.3%
13.7%
10.3%
15.4%
44.
4
%
42.
8%
51.
1%
128.
8%
190.
4%
139.
1%
82.
3%
129.
5%
146.
7%
100.
9%
85.
4%
80.
5%
Q1 '00
Q3 '00
Q1 '01
Q3 '01
Q1 '02
Q3 '02
Q1 '03
Q3 '03
Q1 '04
Q3 '04
Q1 '05
Q3 '05
G
ros
s
N
P
L R
at
io
Ne
t NP
L
Ra
ti
o
Pr
o
v/N
PL
P
ro
v/
N
P
L
in
c
l.
C
o
ll.
Provisioning coverage reflects BI requirements
Category 2 Loans –
B
ank Only
4,353
3,039
4,737
15,350
14,817
15,489
11,932
12,655
11,029
13,378
11,371
16,202
17,432
15,585
15,345
10,983
10621
9,912
9,852
8,334
12,352
14,394
16,423
12,912
0
2,
000
4,
000
6,
000
8,
000
10,
000
12,
000
14,
000
16,
000
18,
000
20,
000
Q1 '00
Q3 '00
Q1 '01
Q3 '01
Q1 '02
Q3 '02
Q1 '03
Q3 '03
Q1 '04
Q3 '04
Q1 '05
Q3 '05
2
Speci
a
l M
e
n
ti
o
n
Loan
s (
R
p Bn
)
12.
9%
14.
8%
9.
4%
15.
0%
24.
8%
26.
2%
35.
7%
0%
10%
20%
30%
40%
50%
Ca
t 2
%
(21)
19
NPL, Provisioning & Collateral Details – Bank Only
26.75
0.34
9.71
16.70
NPLs
(Rp tn)
2.96%
0.05
Consumer
37.35%
0.27
Corporate
NPLs
(%)
Q4
U
(Rp tn)
22.03%
1.85
Commercial
2.16
Total
26.67%
100%
50%
15%
5%
1%
BMRI Policy
100%
5
4
3
2
1
Collectibility
Non-Performing
Loans
Performing
Loans
50%
15%
15%
5%
100%
2%
BMRI pre-2005
100%
50%
1%
BI Req.
Provisioning
Policy
Collateral Valuation Details
Non-Performing Loans by Segment
Bank Mandiri’s current provisioning policy
adheres to BI requirements
As of 31 December ’05, provisions excess to BI
requirements = Rp 866 bn
Collateral value is credited against cash provisioning
requirements on a conservative basis. For assets
valued above Rp 5bn:
Collateral is valued only if Bank Mandiri has
exercisable rights to claim collateral assets
70% of appraised value can be credited within the
initial 12 months of valuation, declining to:
¾
50% of appraised value within 12 to 18 months
¾
30% of appraised value within 18 to 24 months
¾
No value beyond 24 months from appraisal
Collateral has been valued for 164 accounts and
collateral provisions of Rp 15,286bn have been
credited against loan balances of Rp 21,430bn
8,052
1,758
747
620
632
Total Cash
Prov. (Rp bn)
5
4
3
2
1
Collectibility
67
50.9%
33.0%
13.3%
4.80%
1.0%
% Cash
Provisions
33
2,472
27
2,474
21
16
# of
Accounts
8,026
2,315
Collateral
Prov. (Rp bn)
(22)
20
2.0%
0.4%
1.4%
0.1%
0.5%
4.5%
Q3
2005
Q4 2005 Details
87,019.9
1,440.8
60,744.2
845.3
4,771.4
19,218.3
Q4‘05
Balance
(Rp bn)
Q2
2005
Q4
2005
UG to
PL
DG to
NPL
Q1
2005
Loan
Background
4.5%
3.6%
5.1%
1.2%
4.8%
2.9%
Total Corporate, Commercial & Small Business Loans
Net
Upgrades
/
Downgrades
#
8.0%
1.8%
8.2%
0.1%
3.4%
10.0%
13.3%
38.6%
5.5%
1.9%
15.0%
30.7%
0.2%
0.1%
0.2%
-0.2%
4.7%
3.7%
5.3%
1.2%
4.8%
3.0%
Total
Overseas
Post-Merger
Pre-Merger
IBRA
Restructured
Quarterly Analysis of Upgrades and Downgrades*
* Excluding Micro & Consumer Banking
# %
downgrades
and
upgrades
are quarterly figures
(23)
21
Bank Mandiri Financial Performance
Bank Mandiri Financial Performance
Q4 2005
(24)
22
3,
357
4,
145
3,
514
4,
787
5,
492
4,
133
260
114
402
2,
021
2,
072
1,
651
74
1,
454
367
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2000
2001
2002
2003
2004
2005
Gain on Sale/Value of Securities
FX Gain
Core Earnings
Pre-Provision Operating Profit
IDR bn
Full Year 2005 core earnings decline 24.8% from FY 2004
472
308
1,168
1,549
1,744
519
290
1,300
602
690
1,329
97
967
1,017
1,528
1,408
668
(410)
645
799
819
775
(623)
829
2000
2001
2002
2003
2004
2005
Q1 PAT
Q2 PAT
Q3 PAT
Q4 PAT
8.1%
21.5%
23.6%
22.8%
26.2%
2.5%
RoE - After Tax
(25)
23
44.0
42.3
42.6
59.2
51.3
51.6
58.1
61.0
56.1
64.3
72.5
77.8
79.5
89.5
91.9
94.2
96.2
102.3
108.9
114.1
115.9
117.5
115.9
15.5
14.6
15.1
15.4
17.8
16.8
18.4
17.0
20.7
24.4
25.0
25.5
28.1
26.5
27.2
27.5
30.4
27.5
27.8
27.4
13.3
13.3
9.7
Q2 '00
Q3 '00
Q4 '00
Q1 '01
Q2 '01
Q3 '01
Q4 '01
Q1 '02
Q2 '02
Q3 '02
Q4 '02
Q1 '03
Q2 '03
Q3 '03
Q4 '03
Q1 '04
Q2 '04
Q3 '04
Q4 '04
Q1 '05
Q2 '05
Q3 '05
Q4 '05
RW
A
(
R
p
t
n
)
T
o
ta
l C
a
p
ita
l (R
p
tn
)
26.
1%
31.
3%
26.
4
%
27.
5%
25.
3%
23.
7
%
23.
7%
28.
5%
29.
8%
23.
4%
27.
7%
30.
7%
CA
R
BI
M
in
R
e
q
(26)
24
Additional Factors
Written-off Loans
Written-off Loans
Aggregate of IDR 22.62 tn (US$ 2.30 bn) in written-off loans as of
end-December 2005, with significant recoveries on-going:
¾
2001: IDR 2.0 tn
¾
2002: IDR 1.1 tn
¾
2003: IDR 1.2 tn
¾
2004: IDR 1.08 tn
¾
Q4 ’05 : IDR 0.234 tn (US$ 23.8 mn)
¾
FY ’05 : IDR 0.818 tn (US$ 83.2 mn)
Loan Collateral
Undervalued
Loan Collateral
Undervalued
Collateral values included for provisioning purposes on only 148 accounts.
(27)
25
Corporate Actions
Dividend
Payment
Dividend
Payment
Interim dividend payment of Rp 60 per share on 30 December 2004
AGM approved payment of Rp 70.496 per share final dividend payment, in
keeping with our 50% dividend payout policy. Schedule as follows:
¾
Cum Date – 13 June 2005
¾
Ex Date – 14 June 2005
¾
Payment Date – 24 June 2005
Total dividend for 2004 = Rp 130.496 per share (an increase of 13.0%)
Total dividend for 2003 = Rp 115 per share
Summary of
EGM results
on 21 December
Summary of
EGM results
on 21 December
Articles of Association were changed to authorize management to write-off
(hapus buku) non-performing loans and to eradicate (hapus tagih) receivables
via principal forgiveness
Limits were established for the eradication of principal receivables that have
previously been written-off
Ability to the eradicate of receivables arising from unpaid Interest, Penalties
and Fees (Bunga, Denda, Ongkos - “BDO”) subsequent to the public listing of
the Company was approved
(28)
26
Economic Overview, NPL Resolution
Economic Overview, NPL Resolution
Progress & Operating Highlights
(29)
27
1-Month SBI Rate (%)
12.75
10.00
8.25
7.39
7.42
8.66
11.40
13.22
16.76
17.57
15.58
7.44
1Q
01
Q3
'0
1
Q1
'0
2
Q3
'0
2
Q1
'0
3
Q3
'0
3
Q1
'0
4
Q3
'0
4
Q1
'0
5
Q3
'0
5
Economic growth increased, but
was below initial expectations...
Macro-economic environment was unfavorable in 2005
GDP Growth (% )
4.
9
3.
8
4.
4
4.
9
5.
1
5.
6
2000
2001
2002
2003
2004
2005
Rupiah Exchange Rate (Avg)
Rp/USD
9,
712
8,
936
8,
572
9,
318
10,
256
8,
405
2000
2001
2002
2003
2004
2005
Sources: BPS, World Bank
Target 6%
…due, in part, to interest rates
reaching 12.75% by end ‘05 ...
… and depreciation (on average)
in the Rupiah exchange rate
(30)
28
Growth in Real Disposable
Income (%)
11
12.
4
12.
1
-1
.4
2002
2003
2004
2005F
Headline Inflation
(%)
17.
1
6.
4
5.
2
9.
9
12.
5
2001
2002
2003
2004
2005
Domestic Price for Fuel Products
(Rp/Ltr)
2,
400
2,
100
700
4,
500
4,
300
2,
000
Premium
Solar
Kerosene
Prior to Hike
Post-Hike
Driven by inflationary pressure & decreasing purchasing power
Sources: BPS, CIC
+87.5%
+107.8%
+185.7%
(31)
29
0
2
4
6
8
10
12
14
Jan-04
Aug-04
Mar-05
Oct-05
May-06
Dec-06
Core Inflation (%)
One Month SBI (%)
Spread
12.75
10%
7%
12%
10,010
9,240
9,000
9,250
9,500
9,750
10,000
10,250
15-Nov-05
15-Dec-05
15-Jan-06
15-Feb-06
IDR
Improvement expected in H1 ’06: FX rate already
strengthened, with interest rates expected to stabilize
( Indonesian Rupiah )
14-Mar-06
Trend in the Rupiah Exchange Rates
Core Inflation Projection
(32)
30
Bank Mandiri’s NPL worsened in Q4 due largely to Macroeconomic
pressure and, in small part, to results of BI Audit from June ’05
Dec. 2004
NPLs increased due to
BI audit adjustment and
partial implementation of
PBI No.7/2/PBI/2005
(March 2005)
NPLs increased due to
E&Y audit and
comprehensive
implementation of
PBI No.7/2/PBI/2005
(June 2005)
Dec 2005
Description
NPL Ratio
NPL
IDR Trillion
NPLs declined
due to debtors
repayment and
upgrading
(Sept 2005)
NPLs increased
due to worsening
debtor
performance and
BI audit (June
2005) and EY audit
(Dec 05)
26.8
6.6
2.2
7.6
11.0
0.6
7.4%
19.0%
25.9%
24.6%
26.7%
26.7%
BI audit on June 2005 Bank Mandiri loan book determined
additional NPLs partially reflected in December 2005 results
Bank Only
(33)
31
Developments within the top 30 NPLs
Domba Mas
Kiani Kertas
Total outstanding loans amounting to Rp1.7 tn. By October 2005, had paid off loans
equivalent to Rp900 bn (Oleo). In Q1/2006, payments amounting to Rp148 bn are
planned (Refinery, KCP), with the remainder of the loans to the oleo-chemical
businesses to be paid off gradually through 2007.
•
Sampoerna Group has discontinued discussions to take over PT Kiani Kertas (both
shares and loan facilities). Bank Mandiri will continue to seek potential investors.
•
PT Kiani Kertas has not yet obtained the approval of KKSK on the loan
restructuring agreement dated on December 2004 (agreed in KKSK meeting dated
on October 19, 2005)
Sulfindo
PT Sulfindo has fully paid its loans amounting to Rp824 bn. As of December 2005, it
is no longer a top obligor.
Pupuk Iskandar
Muda
•
Preparing to reschedule payment of syndicated loan principal and waiting for
Government to extend the guarantee on Garuda’s loan in order to upgrade Garuda’s
loan collectibility. This is according to KKSK meeting dated 19 Oct 2005.
•
The Government has already stated its commitment to guarantee Garuda’s facility
during a Hearing with DPR on March 14, 2006.
Garuda
Indonesia
Newcomer to our Top 30 NPLs. Total facility amounted to Rp399 bn. Downgraded due
to financial problems as a result of a production halt triggered by lack of gas supply.
(34)
32
Collateral execution has not yet appreciably boosted collections
•
Auction program was intended to provide shock therapy for debtors to
encourage settlement of their exposure with the bank
•
The first stage included 140 debtors with 380 certificates of collateral
•
Rp10.7 billion was collected from the following sources:
•
Auction proceeds of Rp2.9 billion from 5 debtors with 8 certificates
covering collateralized value of Rp4.9 billion (recovery rate of 59%)
•
Rp7.8 billion from debtors cash deposits as settlements to withdraw their
collateral certificates from ongoing auction
•
5 additional debtors (not on the current program) paid up cash settlements of
Rp1.8 billion in order to be excluded from subsequent auction programs
Implementation
of DJPLN
Auction
Program
Obstacles
•
Internally established floor price has been higher than the perceived market
value, resulting in most bids failing to exceed the minimum required level
•
Investors could not participate on several auctions, as auctions in several
regions were held on the same day
(35)
33
Principal haircut program requires fine tuning
Haircut
Program
Execution
Obstacles
•
Through December 2005, 126 debtors with loan principal of Rp61.8 billion
had registered for the haircut program
•
A total of Rp29.8 billion in principal haircuts were offered, for an expected
recovery rate of 51.7%
•
73 of the 126 debtors with principal of Rp32.0 billion and haircuts of Rp16.5
billion (expected recovery rate 45.2%) had confirmed participation in the
program by letter. 67 of these debtors with principal amounting to Rp22.5
billion had already been submitted to DJPLN/PUPN
•
Debtors who had agreed to the terms of the program were required to
deposit cash not more than 90 days following their submission of
confirmation letters
•
However, by end of December 2005, only
61
debtors had deposited cash and
12 debtors are still confirmed but have not yet made a deposit
•
Stringent minimum recovery and deposit requirements (minimum 50% cash in
advance)
•
Debtors expected that the proceeds from the sale of foreclosed assets would
provide funds for repayment, while haircut program requires a cash settlement
not more than 90 days following confirmation and prior to any asset sales
(36)
34
Road blocks to setting up the SPV
Currently, there is a common (mis) interpretation that State-Owned Enterprise
(SOE) assets are considered as equivalent to state assets:
•
If SOE assets are considered to be state assets, then the mechanism for
disposal and resolution needs to follow the resolution of state assets
•
On the other hand, based on SOE Legislation no. 19 2003, it is clear that the
government assets in SOEs are only the equity invested, not the SOE assets
as a whole
Due to the former interpretation, there are limitations on the possible
resolutions of NPLs:
•
Government needs to approve resolution of NPLs at values below the
principal amount (including providing haircuts and disposals at discount)
•
It is not yet clear if NPL disposal can be considered as one of the possible
resolutions, although in the legislation on State Receivables (Law 49 of 1960),
the receivable (credit) originator should find the best resolution for NPLs
before being transferred to the state receivable agency
Indonesian rules and legislation have yet to recognize a special purpose
vehicle (SPV) as the owner of NPLs (assets):
•
There is no securitization act yet in Indonesia
•
It is still unclear which supervisory body would oversee the activity of any
Special Purpose Vehicle
Separation of State
Assets from State
Owned Company
Assets
Flexibility in
Resolution of NPLs
Establishment of
SPV as the entity to
(37)
35
Key initiatives to boost 2006 collection efforts
Auction
Program
Hair-cut
Program
Establishing
SPV
Write-Off capacity in 2006 depend on successful collections of written-off loans and provisioning
•
Define the floor price as the liquidation value determined by independent appraisal
•
Execute auction phase II sequentially, with a minimum 3 days off, thereby giving
investors time to participate in several auctions at different locations
•
Use Private Auction Houses as pre-auction executors to open market access and
adopt commonly practiced terms & conditions
•
Accelerate reclamation processes for the 67 debtors from DJPLN/PUPN that had
signed confirmation letters
•
Discuss with regulator the possibility to fix the 50% minimum recovery rate for
debtors with collateral and 15% for debtors with no collateral as a final rate
•
Review cash settlement deadlines
•
Discuss with regulators possible modifications to current rules, laws and
regulations to separate the treatment of state assets from SOE assets
•
Initiate centralized database of extracomptable loans including compiling credit
files
•
Continue segmenting the customers and develop possible tranches for disposal
•
We have received many expressions of interest from potential investors to
participate in the SPV and continue to maintain contact with these investors
(1)
97
I. Capital
1. CAR by considering credit risk 23.65% 25.28%
2. CAR by considering credit risk and market risk 23.21% 24.48%
3. Premises and Equipment to Capital 28.21% 26.93%
II. Earning Assets
1. Non-Performing Earning Assets 12.32% 3.65%
2. Allowance for Possible Losses on Earning Assets 6.11% 4.86%
3. Compliance for Allowance for Possible Losses on Earning Assets 102.94% 132.84% 4. Compliance for Allowance for Possible Losses on non Earning Assets -
-5. Gross NPL 26.66% 7.42%
6. Net NPL 16.14% 1.62%
III. Rentability
1. ROA 0.47% 3.19%
2. ROE 2.76% 26.41%
3. NIM 3.81% 4.41%
4. Operating Expenses to Operating Income *) 95.02% 66.60%
IV. Liquidity
LDR 49.97% 51.86%
V. Compliance
1. a. Percentage Violation of Legal Lending Limit
a.1. Related Parties - a.2. Third Parties - -b. Percentage of Lending in Excess of the Legal
Lending Limit
a.1. Related Parties - a.2. Third Parties -
-2 Reserve Requirement (Rupiah) 11.30% 9.08%
3 Net Open Position **) 2.58% 3.32%
4 Net Open Position on Balance Sheet ***) 10.41% 2.01%
*) Operating expenses include interest expense, provision for possible losses on assets, and provision for possible losses on others divided by operational income including interest income.
**) Net Open Position calculation includes balance sheet and off-balance sheet accounts.
***) Net Open Position is calculated with balance sheet accounts only since 2004 in accordance with Bank Indonesia Regulation No. 6/20/PBI/2004 dated July 15, 2004 regarding "The Amendment of Bank Indonesia Regulation No. 5/13/PBI/2003 concerning Net Open Position For Commercial Banks".
FINANCIAL RATIOS
As of December 31, 2005 and 2004
BANK KEYS RATIOS
NO December 31, 2005
(Audited)
December 31, 2004 (Audited)
(2)
1 Loan principal / outstanding balance as of December 31, 2005 4,771,405 2 Amount of loan purchased from January 1, 2005 - December 31, 2005 -3 Total provision / deferred income 159,858 4 Allowance for possible loan losses as of December 31, 2005 807,109 5 Interest income from January 1, 2005 - December 31, 2005 209,066
NO DESCRIPTION
LOAN PURCHASED FROM IBRA January 01, 2005 - December 31, 2005
(In millions of Rupiah)
(3)
99
Notes
_____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________
(4)
Notes
_____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________
(5)
102
tjandra.lienandjaja@asia.bnpparibas.com 6221-5798-4661
Tjandra Lienandjaja BNP PARIBAS PEREGRINE
raymond.kosasih@db.com 6221-318-9525
Raymond Kosasih DEUTSCHE VERDHANA SECURITIES
Joshua.tanja@ubs.com 6221-570-2378 Joshua Tanja UBS manoj.nanwani@id.abnamro.com 6221-515-6014 Manoj Nanwani ABN AMRO Asia Securities Indonesia
liny.halim@macquarie.com 6221-515-7343
Liny Halim MACQUARIE SECURITIES INDONESIA
jenny.ma@morganstanley.com 852-2848-8206
Jenny Ma MORGAN STANLEY DEAN WITTER
rsilaen@kimeng.co.id 6221-3983-1455
Ricardo Silaen KIM ENG SECURITIES
6221-515-8826 6221-526-3445 6221-5291-8570 6221-515-1330 852-3191-8611 6221-3983-5428 6221-350-9888 662-614-6213 6221-574-6911 6221-250-5081 TELEPHONE Arief Koeswanto Darmawan Halim Rizal Prasetijo
Made Aditya Wardhana Hugh Lee Ferry Hartoyo Mulya Chandra Roger Lum Stephan Hasjim Andy Lesmana ANALYST hugh.lee@fpk.com FOX-PITT, KELTON mulya@danareksa.com DANAREKSA SECURITIES roger.lum@csfb.com CS FIRST BOSTON
arief_koeswanto@ml.com darmawan@mandirisek.co.id rizal.b.prasetijo@jpmorgan.com Wardhana.aditya@gkgoh.com ferry.hartoyo@id.dbsvickers.com stephan.hasjim@clsa.com alesmana@bahana.co.id E-MAIL
DBS VICKERS SECURITIES
MANDIRI SEKURITAS J.P. MORGAN ASIA G.K. GOH INDONESIA
MERRILL LYNCH CLSA LIMITED
BAHANA SECURITIES BROKERAGE
The equity analysts listed above actively follow Bank Mandiri, but not all have issued research reports or formally instituted coverage.
(6)
103
For Additional Information:
Please refer to our website at www.bankmandiri.co.id Or Contact:
Ekoputro Adijayanto Corporate Secretary Tel: (6221) 524 5299 Fax: (6221) 5296 4024 Jonathan Zax
Head of Investor Relations Tel: (6221) 3002-3171 Fax: (6221) 5290 4249
E-mail: ir@bankmandiri.co.id
PT Bank Mandiri (Persero) Tbk Plaza Mandiri
Jl. Jend. Gatot Subroto Kav. 36-38 Jakarta 12190